this is such a cool tweet
pic credit @directioncorrec
after semis lost a little bit of momentum "some forces" -wink wink- started correlating all of leopold's levered positions
as his portfolio drew down -10% after -10%, all at the same time, he blew up
Joe Weisenthal (@TheStalwart)
The thing with LTCM (at least in the common understanding of how it went down) is that the fund's managers had good a priori reason to think its holdings were uncorrelated. But they all had in common one thing (that they were owned by LTCM).
— https://nitter.net/TheStalwart/status/2084257185584787718#m